PRESS RELEASE: Amidst Environmental Hazards, Millennials to keep the hopes high for Apparel Re-Commerce Market, reaching ~US$ 652.3 Bn by the year 2032 at a CAGR of ~24.6% in the forecast period 2022-32

NEWARK, Del: According to Future Market Insights, the global apparel re-commerce market stands at ~US$ 72.12 Bn as of now and is expected to reach ~US$ 652.3 Bn by the year 2032 at a whopping CAGR of ~24.6% between 2022 and 2032.

e-Commerce vertical is growing at a noteworthy rate and the scenario is expected to continue even going forward. The last few years have seen growth of the re-commerce sector by leaps and bounds.

This could be credited to the fact that online marketplaces enable buying and selling of ‘used clothing’ at just a click. There are innumerable websites and the online e-Commerce websites providing apparels and their accessories to the customers.

The re-commerce market is actually opening doors for customers to lay their hands on fashion accessories and clothes, that too, without venturing out of the houses. Online websites have information about the products along with images. They could be used as a reference to decide upon color, size, and the other choices regarding the products desired.

There are also peer-to-peer marketplaces, through which customers are able to compare costs of similar products over diverse websites or marketplaces. Apart from simplicity in shopping, the customers could also connect to seller on direct basis and get their doubts clarified.

Demand and supply of season-specific accessories and apparel, growing popularity of the branded apparel, and growing penetration of the customers (millennials, in particular) are likely to keep the cash registers ringing for apparel re-commerce market in the forecast period.

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At the same time, the fact that apparel re-commerce market is subject to lack on the part of brand loyalty can’t be ruled out. Though various brands are trying hard to see that customers don’t switch to the other brand, the tendency still persists. Also, certain products are made available by the counterfeit producers. They are cost-effective, but not up to the mark as far as quality is concerned. Return policies are also being exploited by the customers.

Generally, 30-day return policy is followed. Customers use the product and then return them. This dilutes the aesthetic appeal. These factors could hamper the apparel re-commerce market going forward. Future Market Insights has walked through these facts with future perspectives in the latest market study entitled ‘Apparel Re-Commerce Market’, through its dedicated team of analysts and consultants.

Key Takeaways from Apparel Re-Commerce Market

North America holds the largest market share. This could be reasoned with the fact that millennials all across the US are more into adoption of second-hand apparel products. The good part is that not only fashion and apparel products, but also are luxury products available for resale in these marketplaces. Europe stands second on this count.
Coming to the Asia-Pacific, China comes across as the largest producer as well as consumer of apparel and the accessories. However, Indians are more inclined toward apparel re-commerce. The Chinese are not much into it. They prefer brand new apparels.

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Competitive Landscape

Vestiaire Collective (a well-known second-hand market for apparel), relaunched the brand identity in March 2022. The motto is ‘Long Live Fashion’. Along these lines, they did table five icon puppets, thereby promoting usage of pre-loved clothing along with depicting community’s diversity. The other reason is that of spreading awareness regarding environmental hazards related to throwing away the clothes.
Realreal (one of the authentic online markets for luxury goods), of late, came up with sustainability calculator. It shows effect of resale on the part of products such as jewelry, handbags, and several others. It also goes further to calculate water footprint reduction and carbon emission resulting out of resale of specific products, thereby indicating the positive effects of the second-hand products.
“With online apparel stores in expansion mode, the global apparel re-commerce market is expected to witness splendor in the forecast period”, says an analyst from Future Market Insights.

What does the Report enclose?

The research study is based on companies (Tier-1 companies, tier-2 companies, and tier-3 companies), by product type (clothing and garments, footwear, accessories, handbags, and likewise), and by end-user (kids and adults).
With increase in B2C e-commerce sales, the global apparel re-commerce market is bound to grow on a stupendous note going forward.

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